Shapoorji Pallonji Group launches first phase of 18-acre project in NCR’s Gurugram

The company also plans to launch two more housing projects in Gurugram’s Sector 113 and Noida’s Sector 150 under the Shapoorji Pallonji Real Estate brand soon.

Shapoorji Pallonji Group, under the banner of Joyville, has launched its first project in the Delhi-NCR’s Gurugram market on January 9 with an investment of around Rs 1,200 crore.

The company is in advanced stages of launching mid-segment projects in Bengaluru, Chennai and Hyderabad, and its second project in Pune this year.

The company also plans to launch two more housing projects in Gurugram’s Sector 113 and Noida’s Sector 150 under the Shapoorji Pallonji Real Estate brand soon.

With the launch of its fourth project in Sector 102, Gurugram project, the company under the Joyville platform has launched developments spread across an area of 9.5 million sq ft out of the total of 16 million sq ft development pipeline. It is currently developing projects in Kolkata, Virar and Pune.

“This translates into roughly a pipeline of 13,000 units out of which we have launched 8,500 units till date. We hope to add another 4 million sq ft or a total of almost 14 million sq ft by the end 2019 financial year,” Joyville Shapoorji Housing MD Sriram Mahadevan told Moneycontrol, adding “we hope to fully develop the entire 16 million sq ft pipeline in the next six to seven years.”

“The NCR market has bottomed out. There have been no fresh big launches in the city and unsold inventory in the NCR has come down. Joyville is a brand that is looking at other job-creating metro cities. Our second project in Pune is in the final stages. We are in advanced stages of talks in Bengaluru, Chennai and Hyderabad,” he told Moneycontrol.

Joyville is a platform developed by a $200 million platform established by Shapoorji Pallonji, ADB, IFC and Actis. The brand caters to the middle-income range of households earning between Rs 50,000-70,000 a month. The dominant inventory under the brand caters to the Pradhan Mantri Awas Yojana sizes.

“We select locations which are already developed or on the verge of getting developed. We are hopeful that the 18 km long Dwarka Expressway would become operational by the time the project is complete,” he says.

The Sector 102 project in Gurugram will have 516 flats in the first phase and will be priced at Rs 58 lakh to Rs 1.05 crore. The total units in this project would be 1,500 that will be developed across three phases. The land parcel was bought by Joyville from BPTP and is fully paid. The construction of the project will start soon and is expected to get completed in four-and-half years.

To tackle the issue of pollution in the cities, the company is planning to install outdoor air pollution controllers in its Gurugram project.

The ‘parent’ brand Shapoorji Pallonji Real Estate has a development pipeline of 80-90 million sq ft. Out of this, it is launching 35 million sq ft this fiscal, and plans to launch an equal number in the next year and the rest in the third year. The projects would come up in Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Kolkata, Gurugram, Noida, Mohali. The project it plans to launch in Sector 113 in Gurugram is a joint venture with M3M Group and the project in Sector 150 in Noida is with Lotus Greens.